National Association of Manufacturers Appeals Decision on Conflict Minerals Rule

摘要

The National Association of Manufacturers (NAM) has appealed the decision made by the U.S. District Court for the District of Columbia, which on July 23 rejected all of the association's objections to the U.S. Securities and Exchange Commission's (SEC) conflict minerals rule in National Assoc. of Manufacturers v. SEC, and granted summary judgment to the SEC. The U.S. District Court for the District of Columbia's ruling appears to have turned largely on its determination that none of the SEC's decisions were arbitrary and capricious. The U.S. Court of Appeals for the D.C. Circuit has agreed to an expedited schedule that will have briefing completed in November. Manufacturers subject to the SEC's jurisdiction are required to issue their first reports under the law on May 31, 2014, and NAM is seeking a decision from the court well before that date. NAM'S appeal will focus on largely the same issues that were before the trial judge. Review is de novo, which means that the appeals court looks at the case fresh, without any presumption that the trial court's ruling is binding on them.